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Side-by-side financial comparison of Soho House & Co Inc. (SHCO) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Soho House & Co Inc. is the larger business by last-quarter revenue ($370.8M vs $308.2M, roughly 1.2× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — -2.2% vs -5.0%, a 2.9% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (44.4% vs 11.2%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (55.4% CAGR vs 13.5%).
Soho House is an international private members’ club with a focus on the media, arts and fashion industries.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
SHCO vs UPST — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $370.8M | $308.2M |
| Net Profit | $-18.7M | $-6.6M |
| Gross Margin | — | — |
| Operating Margin | -1.6% | -2.4% |
| Net Margin | -5.0% | -2.2% |
| Revenue YoY | 11.2% | 44.4% |
| Net Profit YoY | -10790.3% | -171.6% |
| EPS (diluted) | $-0.10 | $-0.07 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $308.2M | ||
| Q4 25 | — | $296.1M | ||
| Q3 25 | $370.8M | $277.1M | ||
| Q2 25 | $329.8M | $257.3M | ||
| Q1 25 | $282.9M | $213.4M | ||
| Q4 24 | $305.6M | $219.0M | ||
| Q3 24 | $333.4M | $162.1M | ||
| Q2 24 | $302.9M | $127.6M |
| Q1 26 | — | $-6.6M | ||
| Q4 25 | — | $18.6M | ||
| Q3 25 | $-18.7M | $31.8M | ||
| Q2 25 | $24.9M | $5.6M | ||
| Q1 25 | $8.2M | $-2.4M | ||
| Q4 24 | $-91.7M | $-2.8M | ||
| Q3 24 | $175.0K | $-6.8M | ||
| Q2 24 | $-29.9M | $-54.5M |
| Q1 26 | — | -2.4% | ||
| Q4 25 | — | 6.4% | ||
| Q3 25 | -1.6% | 8.5% | ||
| Q2 25 | 18.1% | 1.8% | ||
| Q1 25 | 12.3% | -2.1% | ||
| Q4 24 | -23.1% | -2.2% | ||
| Q3 24 | 11.4% | -27.8% | ||
| Q2 24 | -4.3% | -43.5% |
| Q1 26 | — | -2.2% | ||
| Q4 25 | — | 6.3% | ||
| Q3 25 | -5.0% | 11.5% | ||
| Q2 25 | 7.5% | 2.2% | ||
| Q1 25 | 2.9% | -1.1% | ||
| Q4 24 | -30.0% | -1.3% | ||
| Q3 24 | 0.1% | -4.2% | ||
| Q2 24 | -9.9% | -42.7% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | — | $0.20 | ||
| Q3 25 | $-0.10 | $0.23 | ||
| Q2 25 | $0.13 | $0.05 | ||
| Q1 25 | $0.04 | $-0.03 | ||
| Q4 24 | $-0.48 | $-0.01 | ||
| Q3 24 | $0.00 | $-0.07 | ||
| Q2 24 | $-0.15 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $142.5M | $472.9M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $-351.6M | $733.2M |
| Total Assets | $2.7B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $472.9M | ||
| Q4 25 | — | $652.4M | ||
| Q3 25 | $142.5M | $489.8M | ||
| Q2 25 | $150.3M | $395.9M | ||
| Q1 25 | $150.1M | $599.8M | ||
| Q4 24 | $152.7M | $788.4M | ||
| Q3 24 | $142.8M | — | ||
| Q2 24 | $148.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $735.8M | — | ||
| Q2 25 | $729.8M | — | ||
| Q1 25 | $705.1M | — | ||
| Q4 24 | $691.5M | — | ||
| Q3 24 | $694.8M | — | ||
| Q2 24 | $682.1M | — |
| Q1 26 | — | $733.2M | ||
| Q4 25 | — | $798.8M | ||
| Q3 25 | $-351.6M | $743.7M | ||
| Q2 25 | $-348.6M | $722.0M | ||
| Q1 25 | $-340.1M | $676.6M | ||
| Q4 24 | $-335.1M | $633.2M | ||
| Q3 24 | $-279.4M | $595.5M | ||
| Q2 24 | $-231.7M | $594.7M |
| Q1 26 | — | $3.0B | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | $2.7B | $2.9B | ||
| Q2 25 | $2.6B | $2.5B | ||
| Q1 25 | $2.5B | $2.3B | ||
| Q4 24 | $2.4B | $2.4B | ||
| Q3 24 | $2.6B | $1.8B | ||
| Q2 24 | $2.6B | $1.8B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $34.9M | $-133.3M |
| Free Cash FlowOCF − Capex | $3.5M | — |
| FCF MarginFCF / Revenue | 0.9% | — |
| Capex IntensityCapex / Revenue | 8.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-133.3M | ||
| Q4 25 | — | $108.6M | ||
| Q3 25 | $34.9M | $-122.6M | ||
| Q2 25 | $41.0M | $-120.2M | ||
| Q1 25 | $22.8M | $-13.5M | ||
| Q4 24 | $26.9M | $-110.9M | ||
| Q3 24 | $20.6M | $179.3M | ||
| Q2 24 | $36.0M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $108.4M | ||
| Q3 25 | $3.5M | $-122.7M | ||
| Q2 25 | $12.4M | $-120.3M | ||
| Q1 25 | $7.5M | — | ||
| Q4 24 | $18.5M | — | ||
| Q3 24 | $10.3M | $179.2M | ||
| Q2 24 | $10.2M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 36.6% | ||
| Q3 25 | 0.9% | -44.3% | ||
| Q2 25 | 3.8% | -46.7% | ||
| Q1 25 | 2.7% | — | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 3.1% | 110.5% | ||
| Q2 24 | 3.4% | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | 8.5% | 0.0% | ||
| Q2 25 | 8.7% | 0.0% | ||
| Q1 25 | 5.4% | 0.0% | ||
| Q4 24 | 2.7% | 0.0% | ||
| Q3 24 | 3.1% | 0.1% | ||
| Q2 24 | 8.5% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | 1.65× | -21.43× | ||
| Q1 25 | 2.79× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 117.70× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SHCO
| Membership | $122.7M | 33% |
| Other | $122.0M | 33% |
| Membership Revenue | $58.5M | 16% |
| Other Revenue | $28.5M | 8% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $24.8M | 7% |
| Elimination Of Equity Accounted Revenue | $13.4M | 4% |
| Related Party | $2.0M | 1% |
| Soho House | $1.0M | 0% |
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
